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Friday, February 1, 2013

Axis Bank closes QIP, pref issue

In one of the biggest share issuances in recent times, Axis Bank has announced the closure of its Rs 5,537 crore fund raising programme on 31.01.2013.

As a part of fund raising, the third largest private sector lender launched a qualified institutional placement (QIP) programme to raise over Rs 4,726 crore at Rs 1,390 per share and a preferential allotment offer amounting over Rs 810 crore to certain promoters of Axis Bank.

“This offering has led to a redistribution of the bank’s shares with the weight of long only institutions rising significantly. Subsequent to this offering, the shareholding of the promoters will stand at 33.5 per cent, other resident shareholders at 19.3 per cent and global institutions (including GDRs) at 47.2 per cent,” the bank said in a statement.

Shikha Sharma, MD and CEO, Axis Bank said, “We are delighted that large global houses and long term institutions like pension funds, insurance companies and mutual funds have reposed their faith in the bank. We believe that the success of our fund-raise signals the belief in the India promise and the renewed interest global investors have in high quality companies and issuers from India”

The QIP programme, which was launched by the bank late on Monday, was managed by Axis Capital, Citi and JP Morgan. The allotment date for the QIP is February 1, and the credit date, February 4.

Source: thehindubusinessline


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